Norway Cards and Payments – Opportunities and Risks to 2027

Norway Cards and Payments Market Report Overview

The annual value of card transactions in the Norway cards and payments market was $121.1 billion in 2023. The value is expected to grow at a CAGR of more than 6% during 2023-2027. The government’s substantial investments in building long-term infrastructure for cashless transactions are driving the gradual rise in the popularity of electronic payments. Moreover, factors such as affordable and widely available financial products, the growing presence of digital-only banks, and consumer preference for instant payments will aid the move toward a cashless society.

Norway Card Transactions Outlook, 2023-2027 ($ Billion)

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The Norway cards and payments market research report provides a detailed analysis of market trends influencing the industry. It provides transaction values and volumes for several payment instruments for the review period. In addition, the Norway cards and payments market analysis offers information on the country’s competitive landscape, including market shares of issuers and schemes. The report also entails regulatory policy details and provides extensive coverage of any recent changes in the regulatory structure.

Norway Cards and Payments Market Dynamics

Norway has an efficient domestic debit card scheme and a highly banked population. Hence, payment cards reign supreme in Norway. Ready access to formal financial services has resulted in a population that is highly comfortable with payment cards both in-store and online.

In addition to physical cards, card issuers are also launching virtual cards which are mainly targeted at online shoppers. For example, DNB offers a credit card to its customers for online purchases.

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Norway Cards and Payments Market Segmentation by Payment Instruments

Payment cards had the highest transaction volume in the Norwegian payments space in 2023

The key payment instruments in the Norway cards and payments market are cards, credit transfers, direct debits, cash, and cheques. High banking penetration, strong payment infrastructure, and the rising adoption of contactless payments are all facilitating increased payment card usage in the country. Additionally, the emergence of digital-only banks and rising e-commerce will support card payment growth during the forecast period.

Norway Cards and Payments Market Analysis by Payment Instruments (Volume Terms), 2023 (%)

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Norway Cards and Payments Market Segments

Debit cards dominated the payment card market in 2023

The key segments in the Norway cards and payments market are card-based payments, e-commerce payments, in-store payments, buy now pay later, mobile payments, P2P payments, bill payments, and alternative payments.

Card-Based Payments: The Norway cards and payments market is reaching saturation in terms of the number of cards in circulation. However, it registered healthy growth in terms of both card payment transaction volume and value.

High banking penetration and well-developed payment acceptance infrastructure supported the preference for debit cards in the Norway payments market. The proliferation of digital-only banks and the rising adoption of contactless card payments are also boosting the market.

Norway Cards-Based Payments Market Analysis, 2023 (%)

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Norway Cards and Payments Market - Competitive Landscape

A few of the leading players in the Norway cards and payments market are:

• Apple Pay
• Google Pay
• PayPal
• Click to Pay
• Samsung Wallet

Apple Pay: Apple Pay is a mobile payment solution that enables users to make contactless in-store, in-app, and online payments. Users can store their card details by scanning the front of the card with the app, or else by entering the information manually. To make in-store payments, users hover their iPhones over contactless POS terminals. For online payments, users need to select Apple Pay and choose a payment card already saved in the app. All payments can be authenticated using Touch ID or Face ID.

Norway Cards and Payments Market Analysis by Players, 2023

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Norway Cards and Payments Market – Latest Developments

• In May 2023, biometric payment services provider IDEX Biometrics partnered with payment services provider STMicroelectronics to launch payment cards integrated with STPay-Topaz-Bio biometric payment technology. The cards are integrated with an IDEX Biometric system on-chip fingerprint sensor, with the cardholders’ fingerprint data stored within the card.
• From July 1, 2023, the Norwegian government has mandated all new electric vehicle charging stations to offer card payment options. By the end of 2025, all existing fast-charging stations must accept card payments.

Segments Covered in the Report

Norway Cards and Payments Instruments Outlook (Value, $ Billion, 2019-2027)

• Cards
• Credit Transfers
• Direct Debits
• Cash
• Cheques

Norway Cards and Payments Market Segments Outlook (Value, $ Billion, 2019-2027)

• Card-Based Payments
• E-commerce Payments
• In-Store Payments
• Buy Now Pay Later
• Mobile Payments
• P2P Payments
• Bill Payments
• Alternative Payments

Scope

Norges Bank has been steadily increasing interest rates to curb inflation, revising its policy rate to 4.5% in February 2024, up from 2.75% in January 2023. As a result, banks and card issuers are increasing interest rates on consumer lending products. Such moves will directly impact the credit card market, leading to reduced spending via these cards.

In May 2023, biometric payment services provider IDEX Biometrics partnered with payment services provider STMicroelectronics to launch payment cards integrated with STPay-Topaz-Bio biometric payment technology. The cards are integrated with an IDEX Biometric system on-chip fingerprint sensor, with card holders’ fingerprint data stored within the card. To make a payment, card holders place their finger on the card sensor, then tap the card on the contactless reader. Biometric authentication replaces the need to enter a PIN, enabling card holders to make payments of any amount (unlike traditional contactless payment cards).

Growth in POS terminal adoption is supported by the availability of low-cost mobile POS solutions. The growing payment card market has attracted new entrants to the Norwegian mobile POS space. SumUp offers its mobile card readers in Norway. These readers enable merchants to accept all types of payments, including contactless, chip and PIN, Google Pay, and Apple Pay. Similarly, in June 2022, Danish fintech Vibrant launched mobile-based POS solutions for SMEs in five European countries, including Norway. The service enables merchants to use Android smartphones and tablets to receive contactless payments from customers.

Reasons to Buy

• Make strategic business decisions, using top-level historical and forecast market data, related to the Norwegian cards and payments industry and each market within it.
• Understand the key market trends and growth opportunities in the Norwegian cards and payments industry.
• Assess the competitive dynamics in the Norwegian cards and payments industry.
• Gain insights into marketing strategies used for various card types in Norway.
• Gain insights into key regulations governing the Norwegian cards and payments industry.